BCX - Business Connexion Group Limited - Trading Statement
BCX
BCX
BCX - Business Connexion Group Limited - Trading Statement
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
("BCX" or "the group")
TRADING STATEMENT
As previously communicated to shareholders, BCX`s financial year end has been
changed from 31 May to 31 August. The second interim results for the 12 months
ended 31 May 2009 ("the period") will be announced on SENS on Tuesday, 18 August
2009.
The revitalisation programme has made significant progress. Cost savings will be
achieved through the streamlining and outsourcing of non-core functions and
optimising commercial, finance, human resources and other business functions.
Costs incurred to date related to the revitalisation programme amount to R46.1
million. It is expected that a further R48.4 million of costs will be incurred
by 31 August 2009. We currently anticipate the programme to generate annualised
savings in excess of R100 million.
Including revitalisation costs, the group`s basic earnings per share for the
period is expected to be between 30% and 35% lower than the previous
corresponding reporting period.
This decrease is attributable to the secondary tax on companies of R15.8 million
on the special dividend of 60.0 cents per share paid during the first half of
the year, foreign exchange movements impacting the African subsidiaries of R19.1
million and the revitalisation spend as noted above.
The group`s headline earnings per share is anticipated to be between 40% and 45%
lower than the previous corresponding reporting period.
The differential between basic earnings and headline earnings relates to the
profit of R21.5 million (pre tax and minority interest) realised on the sale of
the group`s property in Faerie Glen during the period, and this is reflected in
basic earnings only.
The financial information on which this trading statement is based has not been
reviewed or reported on by the group`s auditors.
Midrand
12 August 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 12/08/2009 16:23:01 Produced by the JSE SENS Department.
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